3i's Basic-Fit announces intention to float

The planned listing will consist of a primary offering of new ordinary shares and a secondary offering of existing ordinary shares held by some of the current shareholders. The listing will take place in the near future, subject to market conditions.

According to information published by Bloomberg, Basic-Fit could be valued at up to €1bn including debt and could list before year-end.

ABN Amro and Morgan Stanley are acting as joint global coordinators and joint bookrunners for the offering. Barclays, Deutsche Bank and ING are acting as joint bookrunners and KBC, NIBC and Rabobank as co-lead managers. Lazard is acting as financial adviser.

Net proceeds of the offering will be used to repay debt and increase the company's financial flexibility, allowing it to keep growing and open new clubs across Europe. Having realised significant growth in the last few years, the group indicated an IPO seemed like the logical next step in its development strategy.

3i is currently the main investor in Basic-Fit. In 2013, it invested €110m in an MBO, investing alongside company co-founder and CEO Rene Moos and members of the management team. The company was valued at €275m in the deal.

Basic-Fit is part of the Health City International Group, which was acquired by Waterland Private Equity Investments in June 2005 for €12m. Waterland invested in the company via its €170m Waterland Private Equity II fund.

Founded in 2003 and headquartered in Hoofddorp, near Amsterdam, Basic-Fit is a Dutch low-cost fitness club network operating 340 gyms across the Netherlands, Belgium, Spain and France.

Basic-Fit reported a €202.2m turnover and €60.1m adjusted EBITDA in 2015.

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